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  "documentTitle": "Hannon Armstrong Sustainable Infrastructure Capital (HASI)",
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  "notes": "The slide uses a critical tone to argue that HASI's non-GAAP metrics overstate real-life performance by including unrealizable income.",
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      "text": "HASI’s “Distributable Earnings” are the Product of a “Have My Cake and Eat it Too” Methodology, and are Non-Cash and Largely Unrealizable",
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      "text": "Bullet points detailing why Distributable Earnings are misleading, including non-cash PIK interest, securitizations, and EMIs.",
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      "text": "Adjusted Net Income: ($181.4 million)",
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      "text": "Investors treat Distributable Earnings as cash earnings, but this is not the case for HASI. HASI's non-GAAP “Distributable” metrics are highly misleading figures that do not represent cash to be received today or in the future.",
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      "text": "89 We use the midpoints of our previous estimates.",
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